Argentina saw prices almost double last year as the country’s annual inflation rate hit its highest level in more than thirty years.

It was the highest inflation rate since 1991 with the consumer price index closing the year at 94.8% with monthly price inflation oscillating between 5% and 7%.

The crisis has been attributed to the increase in the money supply with the government printing more and more pesos and the surge in commodity and mainly energy costs caused by the conflict in Ukraine.)

In addition, trade unions demanded and received large wage rises with the Federation of Leather and Allied Workers (FATICA agreeing to a pay rise in excess of 70% in June.

Argentina has a 30-month agreement with the IMF to receive up to US$44 billion in bailout funds and the most recent tranche of US$6 billion was granted to keep government finances afloat.

Last year, after three economy ministers only lasted one month, Argentina’s central bank raised its main rate of interest to 75% as it tried to rein in the soaring cost of living. Current economy minister, Sergio Massa, who has been in the job since August, has been in agreement with such measures to curb rampant inflation.